Wedding loans

How can I finance my wedding?

You deserve a wedding as wonderful as the person you’re marrying – but your big day may come with a big price tag. The average UK couple spends over £27,000 on their wedding and honeymoon*. Ideally, you’d
use savings to pay for your wedding, but that isn’t always an option. A wedding loan is one way to spread the cost over several months or years.

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How much would you like to borrow?

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Which type of loan is best for weddings?

There are several different types of loans, including personal loans, secured loans, and guarantor loans. But which should you choose to finance your wedding? It usually
depends on your needs, preferences and financial circumstances.

Personal loans are a common choice for weddings. This is because they allow you to borrow small amounts (e.g. £1k - £25k) and their repayment options are
usually quite flexible. However, personal loans for small amounts may have high interest rates.

Secured loans use your home as collateral, meaning you could lose your home if you don’t keep up with repayments. However, since this helps lenders lower risk,
they may offer you higher limits than you’d get with a personal loan.

Guarantor loans are a common option for people with bad credit or no credit history. You’ll need someone to agree to repay your loan if you can’t – ideally, a parent
with a good credit score.

To help you understand your options, we’ve outlined the pros and cons of getting a personal, secured or guarantor loan to finance your wedding. Remember, you should always read the terms and conditions of a loan
carefully before you apply.

Personal loans

Pros

You can often borrow as little as £1k – useful if you want to pay for your wedding with both savings and a loan

You may be allowed a ‘payment holiday’, meaning you won’t start repayments immediately

You don’t have to own a home or risk losing it

Cons

You may not be able to borrow very large amounts

Interest rates on small loans may be high

You’ll need a good credit score to get approved for the best rates

Secured loans

Pros

You can borrow large amounts (e.g. £25k - £100k) – useful if you need to cover all wedding costs with a loan

If you have bad credit, a secured loan may be easier to get approved for

You may have longer to pay the loan back

Cons

The amount you can borrow may be limited by your property’s value and the proportion you own

If you don’t keep up repayments, you could risk losing your home

Typically, you can’t borrow less than £5,000

Guarantor loans

Pros

If you have bad credit, a guarantor can help you get approved for a loan

You must find a suitable guarantor who will pay off your loan if you can’t

Relying on your guarantor to make payments for you could put you in an awkward situation

Compare loans from across the UK market with Experian, and find a deal that fits you. It’s completely free and won’t affect your credit score. Remember, we’re a credit broker, not a
lender† - we can help you find deals, but we don’t make the decision to approve you for credit.

Wedding loan or credit card?

You could choose to use a credit card instead of a loan to fund your wedding. For example, purchase credit cards can typically be used for online and in-store
purchases – such as buying the dress, ordering flowers, and booking the band. They commonly offer a 0% interest rate for a promotional period, which can make them a cheap way to borrow money. Plus, as long as you meet the minimum
repayments, you can be flexible about how much you pay off each month.

However, it’s a good idea to pay off your purchase card before the promotional period ends. Otherwise you’ll be put on the lender’s standard rate. This can lead to you paying more interest than planned. If you’d
prefer fixed monthly repayments at a steady interest rate, you may be better off choosing a wedding loan.

Applying for a wedding loan – what should I consider?

Applying for a wedding loan is usually simple. You can typically apply online – or, if you prefer, you may be able to apply in-person at one of the lender’s branches. Learn more about applying for a loan here.

Before you make your application, here are some useful things to consider:

How much do I need to borrow?

First things first, draw up a budget. Calculate the costs of your planned purchases, and get quotes from suppliers – these might include the venue, band, caterer, florist, and hair stylist. Estimate the number of guests, as this can have
a big impact on cost. Work out the grand total and how much of it you’ll need to borrow. You may want to see where you can reduce spending – for example, by getting married in an ‘off-season’ month.

What can I afford to repay?

It’s important to consider how repayments will affect you and your future spouse. After all, you want to enjoy being newlyweds, not worry about money troubles. Work out what you can comfortably afford to repay each month. Also, think
about how long you’ll be making repayments for, as this can affect your plans for the future. For example, if you want to buy a house together, you may need to repay your loan first.

Will I get approved for credit?

Your chances of getting a loan depend on how a lender sees you. You can get a good idea of where you stand with lenders by checking your free Experian Credit Score. This number reflects your
ability to get the best deals – the higher it is, the better. Luckily, there are several steps you can take to improve your score. You can also check your eligibility for personal loans when you compare deals with us.

Who should take out the loan?

If you have a higher credit score than your future spouse, you may get a better rate by applying for a loan as an individual. But remember, this means you’ll be solely responsible for paying it back.

Alternatively, you may decide to take out a wedding loan jointly with your partner. Be aware that this will create a financial association between you. Lenders will be able to see
this connection when you apply for credit in the future, and it may affect their decision to approve you. If one of you has a low credit score, this could cause problems for the other person. Note that marriage doesn’t create a financial
association – you must share finances for the connection to be recorded.

How will a loan affect my credit score?

Getting a loan may affect your score in both the short and long term. It’s important to remember that you don’t have just one score – lenders will calculate it when you apply for credit, and each may use a different method. Typically,
they’ll take into account your credit history, application details, and any other information they hold on you (e.g. if you’re an existing customer).

Your score may go down if you make too many applications in a short amount of time. So, if you need to make more than one application, try to space them out.

In the long run, having a loan could affect your score in different ways. For example, some lenders may be wary of giving you credit while you still owe money, so your score could reduce. On the other hand, some lenders like to see that
you’ve borrowed money responsibly in the past, so a well-managed loan could increase your score.

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